Friday, November 30, 2012

Study Shows Michigan Has Third Least Competitive Health Insurance Market

I guess that AMA had some tough things to say about the Michigan health insurance Market.  Within this article, they explain their position.

To me as a broker, I feel the state is very competitive within the health insurers that broker here.  Now, at points do these carriers adjust their premiums here?  Well that answer would be yes.  Even I would admit at any point only a select few are priced to sell here.

What you will see is the AMA discussing Blue Cross at heart with the proposal that would turn them into a non-profit mutual health insurance company.  This has been discussed at heart, and we will see where this goes with regards to BCBSM.

As I said, to me at this point (no one knows the future) the state of Michigan has very competitive options for consumers and their Michigan health insurance needs.

Tuesday, October 30, 2012

Michigan health insurance - Child health insurance

Well, it was inevitable.  The last company within the state (HAP) has now decided that they are not going to be issuing policies for children only.  For a while HAP and HealthPlus were trying to stay alive with regards to this provision of guaranteed issue coverage for child, but as you can see both gave up.

If you are in Michigan and looking for child only coverage, I would do one of two things.  I would look at the MIChild coverage (keep in mind that program is based on income), and/or I would look at specific programs (if any) within your county.

Monday, September 3, 2012

Michigan Health Insurance Exchange - Out Of Time?

Reading reports, you had to expect this.  It is said that Governor Snyder has basically handed over the deal to Washington to see what they can do for the state.  It will be interesting to see what happens.

As a health insurance agent, I also will be curious to see what or how this "online" government site works.  At Michiganhealthbroker, INC. , we work with all of the major health insurance companies within the state, or who is left.  So how is the exchange going to help consumers within the state?

I would love to do a poll on what consumers of the state expect as Obamacare approaches.  I can tell you that their are good aspects, and very poor aspects off the law that are starting to take effect.  But what do the prospects off this state want with this exchange.  Would you rather talk to an agent and respect his choices for you, or take responsibility on your own when it comes to buying your own Michigan health care?

Snyder apparently wants a "state driven plan", and all politics aside, you could not convince me that their is a difference.  

Sunday, June 24, 2012

Michigan Consumers To Receive Rebates From Health Insurance Companies

Surprising enough to me in this article, Michigan consumers are set to receive 13.9 million in rebates from health insures from the state.

That is correct, over 114,000 consumers in Michigan will receive rebates based on certain health insurance carriers that they have.  This is based on carriers spending more on admin costs, then what was allowed by the initial stages of the health care bill.

So how much?  According to numbers around a rebate of $214 by 8/1/12.  Again, this changes based on if you bought individual health insurance, or covered by group coverage.  If covered by group, your rebate could possibly be a little higher.

Keep in mind if you have BCBSM, you will not be eligible for a rebate based on the DFP article.  Most of the carriers who will be sending rebates are out of state carriers.


Wednesday, June 20, 2012

Michigan Retirement Options

Caught wind of a product yesterday that I would love to bring up to my book of business.

Let us look at some of the options that we are told about to use for retirement options.  We do we usually do?  We take pre-tax money, and put it into a "retirement vehicle" that we are told is tax deferred.  Well at some point we are going to have to withdrawal that money, and usually at an older age where most of the time we have less tax deductions.  So what happens, we pay more in taxes at an age where probably our income is not as high as once was.

What about other perks of these "vehicles?"  In some plans if we need money before were 59 and a half, we get hit with extra taxes.  In some we have to start withdrawing at age 70.  Not saying these are bad for our interests, but their are other options to consider.

Consider this.  A way to save with after tax money.

  • Principle Protection (All the upsides to the market.  No risk of loss.)
  • No penalties for withdrawals before 59 and a half.
  • Not required to take withdrawals at age 70.
  • Tax free accumulation, with tax free access.
  • Etc.

Was really surprised about what this plan can do for you.  Want to see more?  Contact me today to view more with a information video.


Sunday, May 27, 2012

Applying Online For Michigan Medicare Supplement Coverage

Also seen a in a press release that just came out, Michiganhealthbroker, INC is going to online applications for consumers looking for Medicare supplement coverage.

Michigan is home to one of the most populous states when it comes to seniors.  With this understanding, the agency now is specializing more into the Michigan Medicare market.  When it comes to supplements, the agency now is representing some of the most popular carriers on the market.  They include HAP, Standard Life, Omaha Insurance, and many more.  Some of these carriers (not all), have the option of these consumers applying directly online with help from our agency.  This has been a tremendous advantage as some people just do not want brokers at the table.

To learn more about the Michigan Medicare supplement market, contact us today.

Wednesday, March 21, 2012

My Michigan Group Health Insurance Plan Is "Top Notch!"

You know, most of the time you are right.  However, within the last month I have ran into some horror stories here within the Michigan group health insurance market.

Both consumers tell me the same thing within a conversation that we were having.  My group health insurance plan is "great" and "top notch."  But let me ask you this, when is the last time you looked at the exact benefits of your health insurance plan that is provided to you from your employer?

Now I will say, 99% percent of the time your group health insurance plan is very good.  However, the 1% can be disastrous for you.  One of the consumers I mentioned above has a rough month, and ends up in the hospital with chest pains, etc.  This leads to a couple of nights in the hospital, which in turn leads to some serious charges from the hospital.

March rolls around and what does this consumer receive?  He receives a bill for $25,000 from the hospital.  This guy works at one of the biggest retail chains in the country!!  After he called me pretty upset, I was very curious to see the benefits that was provided by this very recognizable company.  What did his group health insurance plan cover?  I will tell you as it covered $10,000 of hospital charges for the year.  That is crazy and almost criminal to me.

Moral of the story?? Every year get the benefit summary of your health insurance plan if it supplied to you from an employer.

Monday, February 27, 2012

Michigan High Deductible Plan F Medicare Supplement Plan

Within the Medicare market, I am shocked to see how many Seniors do not know about the Medicare Supplement Plan F high deductible.

Across the market, Plan F and Plan G are the most popular, and obviously with a higher price tag.  Those two plans have low out of pocket costs for Seniors, and give great comfort to the buyer in them knowing that complete coverage is in the place.

Over the last few years however, we have seen a lot of consumers ask about the Michigan high deductible plan F.  In a sense being Plan F (remember plan F is complete coverage from day 1), with a deductible of $2070.00 before the plan kicks in.  One would admit that it is a high deductible, but take in consideration the price.  An "aging in" Senior turning 65 can find a high deductible plan F for around $45.00 a month.  Regular Michigan Plan F Medicare supplement plans for an "aging in" can be found for right around $140.00 a month.

Again, the High F plan is booming.  Seniors are finding that their Medicare advantage plans have out of pocket costs of over $3500 and so.  They are asking about the plan.  Other seniors are just asking.

Contact us today to learn more.

Michigan Charitable Giving With Life Insurance

As you can imagine, this is very popular within the state of Michigan.  First off, consult with a CPA if or before you ever consider this.

A consumer picks a permanent life insurance plan, and in a nutshell will pay the premiums for it.  However the church is the owner and beneficiary.  You pay the premiums and if everything falls into place, you will be eligible for tax write off for the premiums that again you pay.  To be more precise your premiums might be considered a "gift".

Different types of Michigan life insurance plans are popular when it comes to this.  Single Premium whole life plans (one lump sum payment), 10 pay whole life plans (pay for ten years and policy is paid off), and lifetime pay whole life plans.

Learn more by contacting us today.

Thursday, February 16, 2012

Child (Children) Life Insurance In Michigan

Truthfully, not many things in the insurance industry gets me excited these days. However, when Mutual of Omaha introduced a new Whole Life Policy for children that excited me. So I thought I would send out an email and tell you about the key features of this plan. I know that most people don't want to think about the possibility of needing a Life Insurance Policy for their child but the nice thing about it is that this policy will last them a lifetime and you are locking in the rates for them based on their current age. 

I have always told my clients that I don't represent any products that I wouldn't put my family in. Well I am here to tell you that I liked the Mutual of Omaha children's life insurance policy. The program features include:

-Simple application with very limited health questions and no exam required.
-After transferring the policy when they are of age they may purchase additional insurance without   evidence of insurability at their 30th, 33rd, 36th and 39th birthdays.
-The cash value builds over time for them.
-The rates will never, ever increase.
-The benefit will never, ever decrease.

Rate Examples based on a $25,000 benefit (Many other levels available)

4 Yr old Male……...$7.75/m
9 Yr old Female…...$11.50/m
14 Yr old Male.…....$15.25/m
19 Yr old Female….$15.25/m
Now I know what most of you are thinking that the chances of you needing this for your child is very slim and "YES" I agree with you because that is how I thought. But don't do it for now, do it in case of for later. It is very affordable, even makes a great option for the Grandparents to purchase for their grandkids as well. 
Learn more today by contacting us or requesting a quote for your child's Michigan life insurance needs.

Sunday, January 8, 2012

Be Vigilant As You Buy Your Michigan Life Insurance Policy

Although it makes sense to get in touch with a life insurance company to cover your dependents in the eventuality of your untimely death, there are integrity issues surrounding the insurance companies and agents. We at Michiganhealthbroker, INC has broadly described 3 ways your life insurance company is scamming you. We have enlisted them for your benefit.

  • Selling you coverage you will not need!

The insurance companies thrive on the fact that most people don’t understand their life insurance needs. With standard products, they try to sell you coverage that you might not need, but, which are lucrative for them. The insurance agents expedite the process so that you skip the fine print and sign up for a coverage that is ill-suited to your needs. Obviously the trick is to play on your fear factor and sell you heavy insurance, even if you don’t have dependents.

  • Coaxing you to pay ‘Cash’
We strongly suggest, do not pay your premium through cash to an agent. Further, do ensure that you get a receipt for the payment. There are numerous fraudulent entities posing as genuine insurance agencies that extract hard cash from you in lieu of insurance premium. They ask you to sign at blank spaces in a form, assuring you that it is just a formality. Once you have fallen for their trick, you are left without an insurance coverage. The worst part is that most victims only come to know of this scam, when they have met with some mishap and there is not insurance to cover them.

  • Luring you with benefits!
Insurance agencies and agents have a way of promising you unbelievable benefits out a life insurance policy. Life insurance agents might offer you plans, with a guarantee that the policy would run premium-free for a specific period. Some agents play it smart and offer you great discounts for signing you up for a new policy, while replacing an old policy. The trick is that the old coverage gets terminated and new coverage does not get initiated due to the cumbersome procedural bottlenecks. Thus, exposing you to risk without cover.  Keep in mind that if you replace your current life insurance coverage with a new plan, the two year death contestablity period restarts.

We at Michiganhealthbroker, INC have been selling Michigan life insurance policies for over the last six years.  Visit today for your Michigan life insurance quote.